Perp NC 5.5: Book size: 1750; Redemption: 2026-07-12; Registration: Reg S Only; Comments: USD600m hybrid, sub perpNC5.5 RegS only. Ba2/BB. DB/JPM(B&D)/HSBC/Miz/StCh/UBS. 4% (the #). 4.25% area. Repay bank debt. Reset yr 5.5, step-up 25bps from year 10.5, additional 75bps from year 25.5. Books>US$2.25bn at FPG. Initial T+346.2 vs 0.375% 12/25 @ 100-02.75. Distribution: APAC 85% EMEA 15%. AM/FM 75%, PB 22%, Other 3%;